THORChain (RUNE) is a permissionless, cross-chain decentralized liquidity network that allows for instant swaps of digital assets (Crypto). In this article, VakaFx shares to everyone all information about Rune token price, chart and market cap.
What Is Thorchain (Rune)?
THORChain (RUNE) is a permissionless, cross-chain decentralized liquidity network that allows for instant swaps of digital assets (Crypto). THORChain builds a chain-agnostic bridging protocol that allows for a reliable and secure connection and exchange of value between different blockchains. In THORChain's model, they have liquidity pools, Crypto Assets assets will be staked in this pool. The stakes will earn fees accordingly.
At the same time, pools with these Crypto Assets will be used to provide instant swaps, borrowing, lending, or other payment services.
What problem does THORChain (RUNE) solve?
- Price volatility of Crypto assets
The price volatility of Crypto assets is both attractive to investors. But also the factor that prevents Crypto from being widely used in life.
- Lack of liquidity
Lack of liquidity will easily lead to large fluctuations in prices. This is especially important for token/coin projects.
DEX exchanges nowadays mainly deal with token transactions on only 1 Blockchain network, not Cross-chain.
How does THORChain (RUNE) solve the problem?
To solve the above problems, THORChain created an ecosystem of the following components:
- THORCHAIN: Instant decentralized liquidity protocol built on Layer 1.
- YGGDRASIL PROTOCOL: A fast and secure Cross-chain Bridge for THORChain.
- FLASH NETWORK: Layer 2 network for the exchange of Crypto assets between cross-networks. In Layer 2 there are Liquidity Hubs.
- BIFRÖST PROTOCOL: Cross-chain protocol for THORChain.
- ASGARDEX: A fast and secure liquidity interface set for THORChain.
- ÆSIR PROTOCOL: Management Protocol Suite for THORChain.
What is Rune token?
RUNE is the Native Token inside of THORChain's platform. In THORChain's ecosystem, RUNE serves as the Utility Token. It is used for the swap, staking fee payment in the Governance mechanism, rewards for the Validators.
As confirmed by the admin on the Telegram group of the project, they will implement the Mainnet in 2020. At that time, the RUNE will swap from BEP-2 to Native Token.
Basic information about RUNE token
- Ticker: RUNE
- Blockchain: Binance Chain
- Token Standard: BEP2
- Owner: bnb1e4q8whcufp6d72w8nwmpuhxd96r4n0fstegyuy
- Token type: Utility Token
- Total Supply: 1,000,000,000 RUNE
- Initial Circulating Supply: 7%
- Circulating Supply: 0 RUNE (token has not been officially sold, so there is no circulation)
Token Allocation RUNE
Token Release Schedule RUNE
What is RUNE Token used for?
After the Mainnet and fully functional, RUNE will have the uses in the THORChain ecosystem:
The RUNE Token back is behind all Pools CLP to create liquidity.
Validators must use RUNE Tokens to stake and become part of the Validator Set. These Validators or Block Producers will be responsible for validating transactions and creating blocks inside THORChain's Blockchain network.
- RUNE Token is used to pay transaction fees inside THORChain's Blockchain network.
RUNT Token is used to pay trading fees, bridge fees, and liquidity fees when using THORChain's services.
- RUNE Token is used to pay the participation fee and Liquidity Hubs.
RUNE Token is used to pay liquidity fees to RUNE Token Holders in liquidity pools at Layer 1 and liquidity hubs at Layer 2.
- RUNE Token is used to pay rewards to Validators.
The amount of RUNE Token Rewards block rewards paid depends on the number of tokens each of these Validators initially staked. This helps to encourage more active and staking validators.
The THORChain team also stressed that the RUNE Token was not born as a payment token.
The RUNE is designed as a liquidity bridge for Pools. It acts as base assets so that assets of 2 different pools (2 different crypto assets) can atomically swap (instant swap) for each other.
How to mine RUNE Token?
RUNE Token cannot be mined like BTC or ETH.
But you can become Validators or RUNE Stakers and receive Token rewards.
RUNE Token storage wallet
At present, RUNE belongs to the BEP-2 standard on Binance Chain, so users can store it on the Binance DEX wallet.
The future of the RUNE Token
Let's reiterate the participants of the THORChain ecosystem:
Transaction validators and block generators in THORChain's Blockchain. They have to stake RUNE Token to perform the task. At the same time, RUNE Rewards will also be compensated.
RUNE StakeHolders must hold RUNE in Liquidity Hubs and Liquidity Pools. They will then also receive RUNE Token Rewards.
For the end-users who need to swap tokens, they must use the RUNE Token to pay the swap fee.
In the future, when the number of users mentioned above increases, the demand for buying RUNE Token will also increase.
However, there will also be a need to sell RUNE tokens when Validators and Stakers sell. This will affect the price of the RUNE Token.
Besides, some factors affect the token of the project, invite you to learn the details below.
Should invest in RUNE Token?
THORChain's solution is similar to Uniswap or Shapeshift.
Its advantage is that it is completely decentralized, anonymized, and allows swapping of Crypto Assets belonging to many different blockchains. This is an advantage over some other competitors such as IDEX, Kyber Network only swaps ERC-20 tokens.
In addition to this advantage, what are the notable points of THORChain?
Here are the key points about the RUNE Token I list out for you to follow and make investment decisions:
The project sets the milestones for the implementation of each of their Modules. In Q4 2019, they launched a swap-enabled product for Ethereum and BEP Swap.
Expected to be 2020 will launch the full feature of cross-chain Swap as designed in the Whitepaper.
RUNE is a Utility Token and is used to pay fee swaps as well as pay bonuses to Validators, stakers.
RUNE will conduct a Public Sale round on Binance DEX in the form of IDO soon.
The above article has just introduced about THORChain - a project that provides an instant swap solution for Crypto Assets between different blockchains.
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